Allegheny Teledyne Announces Agreement to Sell Ryan Aeronautical.

PITTSBURGH--(BUSINESS WIRE)--May 27, 1999--

Allegheny Teledyne Incorporated (NYSE:ALT) announced today that Northrop Grumman Corporation (NYSE:NOC) has agreed to acquire Ryan Aeronautical for $140 million in cash. The 25-year leasehold interest in Ryan Aeronautical's San Diego facility would not be included in the sale. A definitive agreement has been signed which should lead to a closing in the third quarter of 1999. The closing is subject to various regulatory approvals and conditions.

Richard P. Simmons, Allegheny Teledyne's chairman, president, and chief executive officer, said, "The sale of Ryan Aeronautical represents an important step in the completion of our previously announced transformation and reconfiguration initiatives. Ryan Aeronautical has a rich history, dating back to the construction of Lindbergh's Spirit of St. Louis. We believe that as part of a much larger aerospace corporation it will have the critical mass vital for continued success."

Ryan Aeronautical, located in San Diego, CA, manufactures unmanned aerial vehicles (UAV) and target drones for the U. S. Government and foreign governments. Bear, Stearns & Co. Inc. is financial advisor to Allegheny Teledyne in the transaction.

Allegheny Teledyne Incorporated is a diversified manufacturing company serving global markets with specialty metals, aerospace, electronic, industrial, and consumer products. The company is one of the largest and most diversified specialty metals producers in the world. With talented people using innovative technologies and systems, Allegheny Teledyne's goal is to be the low cost, high quality supplier to global markets. Allegheny Teledyne's website can be found at http://www.alleghenyteledyne.com.